Rising Incidence Of Cancers Expected To Drive Global Paclitaxel Injection Market Growth – Zion Market Research
As per the report, the value of the global paclitaxel injection market in 2018 was around USD 2963.5 Million and is projected to attain a worth of about USD 6628.6 million by 2025 end, expanding at a CAGR of about 12.19% during the forecast period (between 2018 and 2025).
Paclitaxel is a member of the group of drugs called antineoplastics and is utilized to treat cancers. It is obtained from the bark of the Pacific yew tree. It functions by preventing the development of cancer cells. Paclitaxel is utilized in the treatment of a number of cancers like ovarian cancer, breast cancer, non-small cell lung cancer, and so on. The major advantages of paclitaxel injection consist of easy availability, fast outcomes, and better accuracy & adequacy. Though make a note of that it should be administered under the observation of oncologist who is experienced in chemotherapy. Also, it is not recommended for patients having any kind of allergic disease.
The key factor contributing to the growth of the global paclitaxel injection market during the forecast period is the rising incidence of cancer. In comparison to other medications, paclitaxel injection has displayed better effectiveness in treating cancer, apart from being so easily obtainable in the market. These factors are also anticipated to drive the growth of the global market. In addition, the key players within the global paclitaxel injection market are concentrating on development of more enhanced paclitaxel injection that would mark notable opportunities for the expansion of the market in the years to come. Also, with the rising focus on women cancers from the entire society and elevated expenditure on research & development of paclitaxel injection, the market is projected to witness substantial growth during coming period. Nevertheless, the market growth is expected to be hampered by factors such as numerous adverse effects including allergy, blood clot, diarrhea, weight loss, and leucopenia. Further, the elevated price of drug making it less affordable in the low economic nations is also expected to hamper the expansion of the global paclitaxel injection market.
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The global paclitaxel injection market is bifurcated based on indication, end-user, and region. The market, on the basis of indication, is categorized into ovarian cancer, breast cancer, prostate cancer, cervical cancer, stomach cancer, lungs cancer, and others. Among these, breast cancer segment is projected to hold the highest share within the market on account of the rising occurrences of breast cancer. The global paclitaxel injection market, on the basis of end-user, is divided into clinics, hospital, and cancer research institute. Of these, the hospital segment is anticipated to witness substantial growth rate during the forecast period. Regionally, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global paclitaxel injection market is dominated by North America. This regional expansion can be attributed to the high incidence of different cancer types. Furthermore, the market in Europe and Asia Pacific is also projected to witness noteworthy opportunities for the expansion in the coming period. The growth in these regions can be credited to the escalated expenditure on healthcare infrastructure and advent of cutting-edge technologies.
Few of the key players active within the global paclitaxel injection market consist of Pfizer, Inc., Abbott Laboratories, Strides Arcolab Limited, Fresenius Kabi SE & Co. KGaA., Bristol-Myers Squibb Company, Sagent Pharmaceuticals, Inc., Taj Accura Pharmaceuticals, Celgene Corporation, Luye Pharma Group, Khandelwal Laboratories Pvt. Lmt., BEIJING Union Pharmaceutical Factory, and Youcare Pharmaceutical Group Co., Ltd.
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